RE/MAX (RMAX) Q2 2025 earnings summary

Executive summary

• Global agent count reached a record 147,073, up 2.5% year-over-year, driven by 11.5% international growth offsetting a 5% decline in the U.S. and Canada.

• Q2 2025 revenue was $72.8 million, down 7.3% year-over-year, with adjusted EBITDA of $26.3 million, down 6.4%, but margin improved to 36.1%.

• Net income attributable to shareholders rose to $4.7 million, with adjusted diluted EPS of $0.39.

• Launched Aspire onboarding program, with strong participation and impact on recruitment and productivity.

• Continued investment in technology, including AI-powered referral and pricing tools.

Financial highlights

• Revenue excluding Marketing Funds was $54.5 million, down 6.8% year-over-year, mainly due to lower U.S. agent count, broker fee revenue, and adverse currency movements.

• Recurring revenue streams accounted for 67.3% of revenue excluding Marketing Funds, down 4.7% year-over-year.

• Selling, operating, and administrative expenses decreased 2.8% to $33.9 million.

• Adjusted free cash flow for the first half of 2025 was $9.8 million, down from $16.8 million in the prior year.

• Adjusted EBITDA margin improved to 36.1%, up 30 basis points year-over-year.

Outlook and guidance

• Q3 2025: Agent count expected to rise 1.0%–2.0% year-over-year; revenue projected at $71.0–$76.0 million; adjusted EBITDA at $23.5–$26.5 million.

• Full year 2025: Agent count guidance raised to 0.0%–1.5% growth; revenue expected at $290.0–$296.0 million; adjusted EBITDA at $90.0–$95.0 million.

• Guidance range narrowed due to slower ramp-up of new initiatives and near-term revenue pressure.